Optimal Strategy

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There are a ton of banks to choose from, but one that stands out from the rest is the Charles Schwab — no account maintenance requirements, no monthly fees, and no international ATM fees. They’ll even reimburse you for ATM fees.

Charles Schwab Checking Account at a glance

Monthly service fees: $0

Account minimum: $0

ATM fee rebates: unlimited

Availability: Nationwide

Hard/soft pull: Hard, Equifax

Minimum deposit: $1,000 opening deposit

Fine print: Must open a Schwab One brokerage account as well

Bonus amount: $100

The bonus offer

Get $100 when you become a Schwab client. It’s an unconventional referral system in the sense that you can’t refer anyone except for yourself. We consider it more of a bonus vs. referral.

What you need to know (the fine print)

"- A minimum deposit of $1000 is required to open most Schwab brokerage accounts. Waivers may apply. See the Charles Schwab Pricing Guide for details.

- New clients who do not have a Charles Schwab & Co., Inc. (“Schwab”) account (other than a Stock Plan Services account), open an eligible retail brokerage account, and enroll in the offer can earn a $100 Bonus Award.

- The Bonus Award will be credited to the enrolled account within approximately one month of account open.

- For taxable accounts, the account must be maintained at Schwab for at least one year or Schwab may charge back the Bonus Award.

- Schwab reserves the right to change the offer terms or terminate the offer at any time without notice.

- The offer is limited to one per account, with no more than one account enrolled per client.

Why it’s our go-to travel card

If you travel internationally once or more a year, you’re going to save a ton on ATM fees. It’s convenient because you don’t have to locate a specific bank or pay ATM fees — these all add up in the long run. The alternative to withdrawing cash from an ATM is typically getting cash at a foreign exchange booth that has poor exchange rates.

The $100 sign up bonus (when you refer yourself) isn’t as high as other banking institutions, but no monthly fees and no maintenance or balance requirements make up for it.

You’ll also receive a free checkbook when upon opening the account. Most banks charge ~$50 for checks.

For other banks that have a monthly direct deposit requirement, transfers from Schwab and Discover codes as direct deposits.

If you have the American Express Platinum card and you want to redeem MR points for cash, you can transfer points to Schwab at 1.25 cents per point. Redeeming MR points for statement credits isn’t optimal because the redemption rate is .6 cents per point.

Apple and Goldman Sachs will partner to create a new iPhone-connected credit card set to launch later this year. According to the WSJ, the card will integrate with the iPhone to track spending, points, and help with budget management.

Booking a flight with the right credit card can make or break a trip, especially if unexpected delays happen. Missed connections or canceled flights can leave a hole in your wallet, and some airlines will only provide food vouchers and overnight accommodations if the delay with within their control.

There’s a misconception going around that the Amex Platinum card earns 5x on ALL hotel stays. To clarify, the Amex Platinum only earns 5x points when you book hotel nights through amextravel.com or the Fine Hotels and Resorts Collection (FHR).

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Editorial Note: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airlines or hotel chain, vendors or companies, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

AskSebby Disclaimer: Content on AskSebby represents one individual’s experiences and viewpoints, and your experience may differ. The owner of this site is not an investment advisor, financial planner, nor a legal or tax professional. Articles here are of an opinion and general nature and should not be relied upon for individual circumstances. Research and obtain professional advice regarding all credit decisions before attempting to duplicate any of the techniques described on this website.